Updated about 2 years ago on . Most recent reply
Mission Valley San Diego Flip Sold!
Investment Info:
Condo fix & flip investment in San Diego.
Purchase price: $350,000
Cash invested: $101,000
Sale price: $515,000
This project for rehab costed me about $40K all in. Full reno of a 2/1 - 690 sq foot condo in Mission Valley. I got the deal direct to seller from mailers.
What made you interested in investing in this type of deal?
I was able to negotiate a great price from the seller
How did you find this deal and how did you negotiate it?
from mailers I used
How did you finance this deal?
fix and flip loan
How did you add value to the deal?
full reno to the condo
What was the outcome?
Made about a $76K profit
Lessons learned? Challenges?
The HOA's master policy didn't have the proper coverages for Fannie and Freddie lending. A new guideline had gone into effect after I closed on my condo requiring the HOA master policy to have certain insurance coverages which I was unaware of, the buyer had to close the deal with a non-QM lender.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yea myself lol, I also have a good hard money lender.
